IMF representative paid a courtesy call on the BKMEA leaders

Resident Representative of International Monetary Fund (IMF) Jayendu Dey paid a courtesy call with the BKMEA leaders.

Mohammad Hatem, Executive President of BKMEA, welcomed Mr. Jayendu De at BKMEA’s Dhaka office on 16 November 2021. Senior Vice President Mansoor Ahmed, Vice President Fazlee Shamim Ehsan, Director Mostofa Monwar Bhuiyan and senior BKMEA officials were present on the occasion.

IMF Representative invited BKMEA to a consultation meeting with the government to identify the existing problems in the RMG sector in Bangladesh. In the context of discussions on the country’s knitwear sector, BKMEA leaders thanked the Prime Minister for the Tk 10.5 thousand crore taka as the stimulus package and visionary guideline to face the issues in the Corona situation. Volatile cotton market, pressure from banks to repay loans, unfair prices from the buyers, back-to-back LC complexity, increasing competitiveness were discussed During this time.

BKMEA leaders said, in near future GSP plus complexity would be a big threat for the Bangladesh RMG sector.  The European Union’s Safe Guard Measures are a major barrier to GSP Plus benefits. According to Safe Guard Measures, the RMG sector in Bangladesh will not get GSP Plus benefits as it has been promoted to a middle-income country. The leaders sought the assistance of the IMF on the inclusion of Bangladesh’s RMG sector in Safeguard Measures to overcome this problem and highlight the problems to the international community and make an effective solution as well.

The IMF representative expressed the hope that the existing problems in the knitwear sector would be resolved through mutual cooperation between the IMF and the government as well as BKMEA and other stakeholders in the sector. BKMEA would continue its full cooperation in this regard the leaders said.

Leave a Reply

Your email address will not be published. Required fields are marked *